Sam Bankman-Fried's FTX Bought a 30% Stake from SkyBridge Capital

by in Cryptocurrency News

FTX SkyBridge crypto

The venture capital fund of the crypto exchange FTX agreed to acquire 30% of New York-based investment manager SkyBridge Capital. The sum of the deal is unknown, however, SkyBridge announced they plan to use some part of the investment to buy cryptocurrencies worth $40 M and then as a long-term investment to its balance sheet.

Related: FTX crypto exchange earnings skyrocketed 1000% in 2021

In a press release, the company mentions that despite the current market conditions, SkyBridge remains profitable and doesn't have any debts.

The CEOs of both companies, Anthony Scaramucci and Sam Bankman-Fried will meet at SALT New York's opening session on September 12 and will discuss the collaboration.

The agreement is the latest partnership between SkyBridge and FTX. The firms have collaborated through many years to sponsor SALT conferences, and to co-present the event Crypto Bahamas.

According to the report, the firms will continue collaboration on venture and digital asset investing across current and future product offerings.